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July, 1, 2016

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US dollar ends lower at NT$30.352 on Taipei forex

TAIPEI, Taiwan -- The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.028 to close at NT$30.352 as foreign fund inflows into Asia resumed amid eased tensions in Ukraine, dealers said.

The strength of other regional currencies, such as the South Korean won and the Chinese yuan, gave an indication to traders here to increase their Taiwan dollar holdings, they said.

A technical rebound staged by the local bourse added downward pressure on the U.S. dollar as foreign institutional investors shifted to the buy side to raise demand for the Taiwan dollar, dealers said.

The losses suffered by the U.S. dollar were limited, however, by the intervention of Taiwan's central bank, which wanted to slow the pace of the Taiwan dollar's appreciation in support of the country's exports, they said.

The greenback opened at the day's high of NT$30.380, and moved to a low of NT$30.270 before rebounding. Turnover totaled US$443 million during the trading session.

The U.S. dollar opened flat, but fell into negative territory against the Taiwan dollar as the political crisis in Ukraine appeared to stabilize, dealers said.

Russia halted a military exercise near the border of Ukraine, and Russian President Vladimir Putin said his country has no plans to take over the region, leading currency traders to think any immediate military conflict was unlikely, dealers said.

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